MTA, Twenty Twenty, Federal Government discussed on CATS Roundtable

CATS Roundtable
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Automatic TRANSCRIPT

The Klein to a low in nineteen, thirty three. But that decline was only twelve percent compare that with at the depths of the pandemic in March and April subway ridership declined ninety five percent as compared to the twelve percent decline during the Great Depression and even now subways are carrying only twenty five percent or pre pandemic levels that ridership declined decrease in tolls and fares. Our customers pay us about fifty percent of our revenue that ridership decline has exacted significant damage to the MTA's operating condition and our financial condition, and right now we need twelve billion dollars from the federal government to get us through the remainder of twenty, twenty, twenty, twenty one. The A fiscal crisis that we face is not one that we can cut our way out of it. Although we're reducing costs, we will take about one point, three billion dollars expense out of the MTA in twenty twenty, one about eight hundred of that has already been budgeted, and that's on top of two point five billion dollars of cost that we've already taken out, and then I wanNA point out to your listeners John that at the beginning of the year pre pandemic and twenty twenty, we expected the MTA. In operating surplus of about eighty million dollars, we had a new capital plan of about fifty one, billion dollars and operations on time performance was increasing ridership was increasing. The pandemic has changed everything. It's changed everything in terms of our ability to frankly pay our bills going forward the only solution to this given the fact that the pandemic is a national issue and a national challenge. The only issue is federal funding frankly for the state. Of New York City New York. But for the MTA. And what we need is twelve billion dollars the state of new. York in the city of New York have their own financial challenges as a result of the pandemic and I don't think it's reasonable to expect for the MTA to expect that the state or the city. This time can come to the rescue. So it's only federal the federal government that has the ability to fund. This senator Schumer and the Newark Congressional delegation and have been heroes in terms of getting the NCAA three point nine billion dollars in the cares act in in March march march and April, we've exhausted the last of that funding on July twenty fourth. So we've got no more funding available to us, and unfortunately the Republican leadership in the United States Senate has been indifferent to the needs of the MTA and frankly to the state. And the cities throughout the entire throughout the entire country and what we're doing is we're calling upon New Yorkers business leaders, ordinary New Yorkers, union leaders, and members who've been great in terms of supporting the MTA's requests for additional funding..

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